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Genesis Energy announces interim result

March 17 2005

Genesis Energy announces interim result

Electricity generator and energy retailer Genesis Power Ltd, trading as Genesis Energy, has posted a net profit after tax of $45 million for the six months from 1 July 2004 to 31 December 2004.

Announcing the results today, Genesis Energy chairman Brian Corban and Chief Executive Murray Jackson, said the result was an increase of two percent ($886,000) over the corresponding period in 2003.

The profit increase reflected reduced fuel costs due to increased hydro generation during the first quarter of the financial year. Total operating revenue grew to $714.6 million from $681 million.

A highlight of the period was the commencement of construction of a 385MW combined cycle gas turbine at Huntly. Known as Huntly e3p (Energy Efficiency Enhancement Project), the new turbine is scheduled for commissioning in December 2006 and will bring much needed new generating capacity to New Zealand. Work also began on a new cooling tower for the existing 1000MW Huntly Power Station.

The high level of committed capital works resulted in a capital expenditure of $94 million in the six months to 31 December 2004. Capital was expended on generation investments such as Huntly e3p and P40 (48MW gas turbine), and oil and gas field investments such as Kupe and Cardiff.

The Hau Nui wind farm extension was completed in December 2004 and now has a total capacity of 8.65MW.

In the retail arm, a “One Bill” campaign for dual fuel customers was successful with 91% of its dual electricity and gas customers now receiving one combined bill. Genesis Energy had a total of 641,880 customers at 31 December 2004, comprising 523,770 electricity customers, 2,719 industrial and commercial customers and 115,391 gas customers.

During the period, Genesis Energy launched its National Apprenticeship Programme with plans to recruit 60 apprentices over a four year period.

ENDS

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